Oklahoma § 62-57.12 - Judicial approval of bonds

§ 62-57.12. Judicial approval of bonds

The Commission is authorized in its discretion to file an

application with the Supreme Court of Oklahoma for the approval of

any series of bonds to be issued hereunder, and exclusive original

jurisdiction is hereby conferred upon the Supreme Court to hear and

determine each such application. It shall be the duty of the court

to give such applications precedence over the other business of the

court and to consider and pass upon such applications and any

protests which may be filed thereto as speedily as possible. Notice

of the hearing on each application shall be given by notice

published in a newspaper of general circulation in the State that on

a day named the Commission will ask the court to hear its

application and approve the bonds. Such notice shall inform all

persons interested that they may file protests against the issuance

of the bonds and be present at the hearing and contest the legality

thereof. Such notice shall be published one time not less than ten

(10) days prior to the date named for the hearing and the hearing

may be adjourned from time to time in the discretion of the court.

If the court shall be satisfied that the bonds have been properly

authorized in accordance with this act and Section 31, Article X, of

Oklahoma Statutes - Title 62. Public Finance

the Constitution of Oklahoma, and that when issued they will

constitute valid obligations in accordance with their terms, the

court shall render its written opinion approving the bonds and shall

fix the time within which a petition for rehearing may be filed. The

decision of the court shall be a judicial determination of the

validity of the bonds, shall be conclusive as to the State of

Oklahoma, it officers, agents and instrumentalities, and thereafter

the bonds so approved and the revenues pledged to their payment

shall be incontestable in any court in the State of Oklahoma.

Laws 1949, Ex.Sess., p. 18, § 12.